Kuwait's Zain (ZAIN.KW) should remain for sale following Etisalat's failed $12 billion takeover, but buyers will be wary, with nearby Bahrain under martial law and borrowing costs and risk both rising.
Any buyer will also miss telecoms operator Zain's $3.1 billion dividend payout, so would likely bid below Etisalat's (ETEL.AD) 1.7 dinars-per-share offer for a 46 percent controlling stake, which the UAE firm withdrew on Saturday.
Zain shareholder, the Kharafi group, was the architect of the Etisalat deal, but rival shareholders were unhappy Kharafi would net all brokerage fees and exclude them from the sale.
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